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Can the parties to the dispute request for interest on the claim amount?

Posted On February 9, 2016 by &filed under .

Can the parties to the dispute request for interest on the claim amount?

The arbitrator may include interest on the claim amount for which the award is made at a particular rate of interest and period as the arbitrator deems reasonable.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

One of the parties to the dispute who wants legal remedy for remedy for resolving dispute could apply for arbitration. On other words clients, trading member can apply for arbitration.

Arbitration is a quasi judicial process of settlement of dispute between the trading members and clients, in respect of trades done on the Exchange. Arbitration aims at quicker legal resolution for the disputes.

When one of the parties feels that the complaint has not been resolved satisfactory either by the other party or through the complaint resolution process of the Exchange, the parties may choose the route of arbitration.